Economics
Philippine GDP Growth of 6.9% Beats All Estimates
- Expansion has exceeded 6% for a ninth consecutive quarter
- Finance chief forecasts faster growth in next quarters
A horse-drawn carriage driver waits for customers on Roxas Boulevard in Manila, Philippines.
Photographer: Veejay Villafranca/BloombergThis article is for subscribers only.
The Philippine economy grew 6.9 percent last quarter, exceeding all estimates in a Bloomberg survey and cementing its position as one of the fastest-expanding in the world.
The Philippines is emerging as one of this decade’s economic stars with the World Bank predicting growth of more than 6 percent until 2019, underpinned by an ambitious infrastructure building program and a young and growing population. Finance Secretary Carlos Dominguez on Thursday said he expects faster growth in the succeeding quarters, while the central bank Governor Nestor Espenilla said there are no signs of overheating in the economy.